Is there a difference? 

If you’re new to the financial planning world, you’ve probably heard the terms “independent financial advisor” and “financial advisor” thrown around a lot and also often used interchangeably which can be confusing if you’re new to the financial planning landscape. 

Understanding the differences between these two roles is crucial in order to help you make an informed decision about the type of financial expert you should choose that will best suit you and your needs.

What are the key differences? 

Independence

The key difference between a financial advisor and an independent financial advisor is their independence. If you’re looking for financial advice that isn’t associated with banks or financial institutions an independent advisor is the way to go! Independent financial advisors don’t have limitations on the products and services they can recommend so their advice is unbiased and aligns with your financial goals.

Types of recommendations 

Financial advisors may have a vested interest in recommending specific products or services that they are affiliated with or that are offered by their employer. Independent financial advisors have the freedom to recommend products and services from a huge range of providers so your needs are always met rather than trying to meet a quota for a financial institution. 

Client focused 

Independent financial advisors are more known to be client focused, taking the time to understand your individual needs and goals. It’s a personalised approach that allows them to tailor their advice to you and your specific circumstances whilst financial advisors may have to offer more generalised advice due to guidelines put in place by their employers. 

Fee structures 

The cost and fee structures can vary from financial advisor to independent financial advisor. This may be because financial advisors may earn a commission based on products they sell. Our independent advisors work to be completely transparent with our fees and you can be sure that the way we charge is not at all influenced by any commissions. 

Choosing the right advisor for you

When you’re choosing between a financial advisor or an independent financial advisor it all comes down to you and your financial goals. At Allied Wealth we offer you the expertise of independent advisors that are completely committed to your financial growth, independence and transparency. 

Understanding the difference between independent financial advisors and financial advisors is crucial when it comes to making an informed decision that best benefits you. 

When you’re trying to navigate your finances and unlock a future of financial freedom, choosing an independent financial advisor that has your back and your best interests in mind is crucial. 

Just one quick Google search will unlock a number of different independent financial advisors, but which one will be best for you? 

Choosing an independent financial advisor that aligns with your goals and has ample experience in the Australian financial landscape is crucial, at Allied Wealth we have the tools to help you on your financial journey. These are our six key considerations we think you should keep in mind when you are trying to choose an independent financial advisor. 

1. Try to find an independent financial advisor 

Independent financial advisors are a great choice when you’re looking for an independent financial advisor. Independent advisors like our team at Allied Wealth aren’t tied to a specific financial institution so you can be sure that the advice you receive is completely unbiased and based on your best interests. This independence also allows them to give you objective advice that is tailored to your unique financial situation. 

2. Look for experienced advisors 

Financial planning isn’t easy, and experience and expertise is crucial to ensure you get relevant advice. When you’re picking an independent financial advisor you may want to consider the number of years experience they have. At Allied Wealth our independent financial advisors have over 20 years of experience so you can be sure you’re getting informed, relevant and tailored advice. 

3. Check client testimonials & reviews 

Before you commit to a decision, you’ll want to check out what other people have to say about the services on offer. Checking out client reviews and testimonials is a great way to gauge how satisfied previous clients have been with the independent financial advisor you’re considering. At Allied Wealth, we value your satisfaction – and our client testimonials are proof of our commitment to offering quality advice. 

4. Find someone who prioritises YOU

A good independent financial advisor prioritises you and your individual goals and dreams. Pay attention to whether or not your independent financial advisor listens to your concerns and goals, and how well they tailor their advice to your specific financial situation. We are committed to maintaining a client-centric approach to fully understand your circumstances and how we can best help you reach your financial goals. 

5. Look for an advisor with transparent fees

When choosing an independent financial advisor, understanding how they charge is crucial. You may want to ask for a breakdown of the fee’s to understand exactly how your independent financial advisor is being compensated. Fee transparency is a crucial aspect to build trust between you and your advisor. 

6. Look for a range of services

You’ll want to look for an independent financial advisor who offers a comprehensive range of services that meet all your needs. Whether you’re after retirement planning, wealth management or wealth growth strategies, our team at Allied Wealth can help you out! 

How can we help you? 

At Allied Wealth, we are committed to independence, experience and your overall satisfaction. If you’ve been on the hunt for an independent financial advisor but haven’t had any luck, contact us for all the tips and tricks you need to find an independent financial advisor who prioritises you with Allied Wealth.

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